Paycom raises annual forecast on AI-driven demand

Aug 5 (Reuters) - Payroll ‌processor ​Paycom ​on Wednesday lifted its annual revenue forecast, driven by steady ‌demand for its AI-driven employee management services.

Shares ⁠of the company were up 15.1% in ‌extended trading following the ‌results.

Here are some details:

• Paycom, which offers a broad product suite and ​tools helping employers track and manage workforce tasks, has been integrating AI ⁠features into its software.

• The company expects full-year 2026 ​revenue of $2.197 billion to $2.212 billion, above its previous forecast of $2.175 billion ​to $2.195 billion.

• Integration of ‌AI into its services has boosted demand for Paycom's services, ⁠as businesses look to simplify workforce management functions.

• The company offers employee-focused tools ⁠such as Beti, GONE and IWant.

• It reported ​revenue of $531.2 million for the quarter ended June 30, ahead of analysts' average estimate of $513.1 ‌million, according to data compiled by LSEG.

• Human capital management vendors ‌such as Automatic Data Processing, Workday ⁠and Paychex are ‌among the ​major competitors of Paycom.

(Reporting by Arunesh Sinha in Bengaluru; Editing by Shreya ‌Biswas)

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